Martingale Asset Management L P Invests $784,000 in CareTrust REIT, Inc. (NASDAQ:CTRE)

Martingale Asset Management L P bought a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 25,401 shares of the real estate investment trust's stock, valued at approximately $784,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in CareTrust REIT by 344.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 951,535 shares of the real estate investment trust's stock worth $29,364,000 after purchasing an additional 737,236 shares during the period. Public Sector Pension Investment Board boosted its position in CareTrust REIT by 4.7% during the third quarter. Public Sector Pension Investment Board now owns 327,216 shares of the real estate investment trust's stock worth $10,098,000 after purchasing an additional 14,600 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in CareTrust REIT by 6.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,491 shares of the real estate investment trust's stock worth $1,712,000 after purchasing an additional 3,365 shares during the period. De Lisle Partners LLP bought a new position in CareTrust REIT during the third quarter worth $959,000. Finally, MetLife Investment Management LLC boosted its position in CareTrust REIT by 3.8% during the third quarter. MetLife Investment Management LLC now owns 85,669 shares of the real estate investment trust's stock worth $2,644,000 after purchasing an additional 3,156 shares during the period. 87.77% of the stock is owned by institutional investors.

Insider Transactions at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the company's stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total value of $1,043,000.00. Following the sale, the chief financial officer now directly owns 257,439 shares in the company, valued at $7,671,682.20. This represents a 11.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.54% of the company's stock.

CareTrust REIT Price Performance

CTRE stock traded down $0.01 during midday trading on Tuesday, reaching $29.16. The company had a trading volume of 1,954,536 shares, compared to its average volume of 1,563,074. CareTrust REIT, Inc. has a 1-year low of $20.10 and a 1-year high of $33.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. The stock has a 50 day moving average price of $30.65 and a 200-day moving average price of $28.38. The company has a market capitalization of $5.00 billion, a price-to-earnings ratio of 20.12 and a beta of 1.07.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.08). The business had revenue of $77.38 million during the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. During the same quarter in the prior year, the firm earned $0.35 EPS. Equities research analysts expect that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.98%. The ex-dividend date was Monday, September 30th. CareTrust REIT's dividend payout ratio (DPR) is currently 161.11%.

Wall Street Analyst Weigh In

CTRE has been the subject of a number of research analyst reports. BMO Capital Markets lifted their price objective on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an "outperform" rating in a research report on Monday, October 7th. Wells Fargo & Company raised CareTrust REIT from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. KeyCorp lifted their target price on CareTrust REIT from $27.00 to $34.00 and gave the stock an "overweight" rating in a report on Monday, October 7th. Finally, Royal Bank of Canada lifted their target price on CareTrust REIT from $27.00 to $31.00 and gave the stock an "outperform" rating in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $31.00.

CareTrust REIT Company Profile

CareTrust REIT, Inc's (CareTrust REIT or the Company) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2024, the Company owned directly or through a joint venture and leased to independent operators, 228 skilled nursing facilities (SNFs), multi-service campuses, assisted living facilities (ALFs) and independent living facilities (ILFs) consisting of 24,189 operational beds and units located in 29 states with the highest concentration of properties by rental income located in California and Texas.